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HEALTH SAVINGS ACCOUNT


Tax savings1, convenience, portability. These are just a few of the perks of opening up a Health Savings Account (HSA) at Guaranty Bank & Trust. When an unexpected medical bill rolls in, an HSA can help you deal with the stress.


KEY BENEFITS

• Tax Savings – HSA contributions are tax-deductible, and earnings and eligible withdrawals are tax-free, as long as certain requirements are met.
• Ownership and Control – You own your account and decide how to spend your healthcare dollars.
• Convenience – You can use your HSA Mastercard® debit card to get instant access to your HSA and pay for eligible out-of-pocket health expenses. You can also use your checkbook to access the funds in your HSA.
• Portability – You can continue your account even if you change places of employment. Guaranty Bank & Trust will still be here to service your account.
• Roll Over – Unlike Flexible Spending Accounts with “use it or lose it” requirements, money left over in your HSA at the end of the year rolls over into the next year.

A Health Savings Account or HSA is becoming an increasingly popular tool for many people to save money, reduce their annual tax burden, and pay for their medical expenses. Like with an IRA, individuals wishing to enroll in a HSA programs can deposit a maximum amount of money into their a HSAs each year and then invest that money into high interest-yielding vehicles, such as stocks and bonds.

However, while HSAs do provide an excellent method of saving money and developing a strong savings account, there are some requirements that participants will have to be comfortable with in order to make the most out of their a HSA. For most people, HSAs are wise financial moves that will help to protect their money while also developing a nest egg to use for future medical expenses.

Here are some things that everyone needs to think about when considering open a HSA:

Healthy people will reap more advantages

HSAs can be used by anyone to pay for qualifying medical expenses and to grow wealth. However, in order to have a HSA, participants need to enroll in high deductible health insurance plans. As a result of these high deductible health insurance plans, participants will pay smaller premiums for their health insurance each month, but the plan deductible will be increased. In order for the health insurance provider to begin paying for qualifying medical expenses, participants' annual deductibles need to be met first.

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Best Banks In Austin 73301